SIFMA released a statement from Kenneth E. Bentsen, Jr., acting president and CEO, after legislation was introduced to amend Dodd-Frank Section 716 ("Prohibition against Federal Government bailouts of swaps entities"), which would force financial institutions to "push-out" their derivatives operations from banks into a separate entity. The Swaps Regulatory Improvement Act (numbered as HR 992 and S 474) was introduced in both houses of Congress by Senator Kay Hagan (D-NC) and Representative Randy Hultgren (R-IL). The bill also has a number of co-sponsors. In the statement, Bentsen asserted that

The National Futures Association ("NFA") submitted its proposed amendment to Rule 2-45, as well as an interpretive notice to the CFTC. Prior to the proposed amendment, Rule 2-45 prohibited a commodity pool operator ("CPO") from permitting a commodity pool to make a direct or indirect loan or advance of pool assets to the CPO or its affiliates. As amended, Rule 2-45 will allow the following types of loans to CPOs made in the normal course of business: A pool which is selling a security short may borrow the security from a pool operated by the same CPO, provided the pool which is lending the

The MFA published a comment letter it submitted to the IRS in response to the IRS's proposed rules to implement the net investment income tax provisions of the Health Care and Education Reconciliation Act of 2010. In the letter, the MFA encouraged the IRS to amend the proposed rules to do the following: (1) "Better ensure that gains and losses derived from the trade or business of trading in securities or commodities can be netted against each other; (2) Permit net operating loss carryforwards with respect to eligible items, subject to appropriate tracking; (3) Ensure that capital gains and

FINRA filed with the SEC a proposed rule change to amend FINRA Rule 8313 ("Release of Disciplinary Complaints, Decisions and Other Information"), which governs the release of disciplinary and other information by FINRA to the public. Additionally, the proposed rule change would make conforming amendments to certain rules in the FINRA Rule 9000 Series ("Code of Procedure") and add a provision to FINRA Rule 9268 ("Decision of Hearing Panel or Extended Hearing Panel") regarding the effective date of sanctions. Cross-Reference(s) : FINRA Rule Series 8000 ("Investigations and Sanctions") and 9000 (

On February 26, 2013, the organization Occupy the SEC, through two of its members, filed suit in federal district court against certain named officials at the OCC, Federal Reserve, FDIC, SEC, CFTC, and the Department of the Treasury. The lawsuit seeks a writ of mandamus from the court, ordering the named officials to issue final regulations implementing the Volcker Rule. See : Taylor v. Bernanke, et al.